If you are running a business, it is hard to tell if it is growing without having the best measurements. You will not be sure if the efforts you are putting in and the resources are in any way impacting your business’s growth. To measure the development, you can use a business development tracker to get your work done.
Alternatively, if you do not have this tracker, you will follow simple tips to track and measure your business’s growth.
1. Define your long term goals and prepare your steps for progress
As a business owner, you should set challenging but attainable and realistic goals. Set what you want, make your goals explicit and measurable. You will have to use specific language because, in most cases, the business goals are too vague. It is this proof that becomes the cornerstone of what you measure.
2. Set up a meaningful key performance indicator
Ensure that your key performance indicators are relevant to your business objectives. These indicators become successful when employees and managers feel a strong feeling of ownership and if they are simple but not naive.
3. Develop data gathering and organization methods
Pick the process to use for tracking and recording all business-related data. As you do this, ensure that you include all business processes in your data collection like sales growth, market share, workforce, budgeting, training, and workforce.
4. Track your goal income vs. actual income
Track your goal income vs. your actual revenue monthly and, if possible, weekly. Late payments can lead to problems in the end. Most comprehensive business management tools can help you trace this and hint at what other businesses are doing.
5. Track your expenditure
This is a critical part of the business that no business owner would want to see grow. But having a general view of your expenditure, you can project your revenue and make better and more sound decisions about spending.
6. Track your contestants
It is good to focus on your business expenditure, but it is imperative to have a clear picture of what your major competitors are up to. Go through public domains, annual reports, read industry press and association and publications to get the information about your competitors.
7. Measure marketing effectiveness
Practical computation lays a foundation for plans. And the only way to improve marketing efforts is through keeping track of results. The important point is to determine the kind of data to be collected. You can measure your marketing results in-store traffic, sales market share numbers of inquiries, and other metrics.
8. Track your team
Having top motivated workers is key to a company’s growth, the effectiveness of your recruitment techniques and retention levels, plus performance and employee satisfaction. Then you will know when to recruit and when to fire, your workforce, what you are spending on and what for ROI.
9. Implement the information
Now analyze the information you have collected, make recommendations and draw conclusions based on it. Create a plan for finding opportunities to demonstrate your business’s strengths. If weaknesses overweigh the strengths, come up with a plan for them.
Tracking a business’s growth is not an easy task; it needs commitment and dedication. The above tips and a suitable Business development tracker will help you.